Turning your basement into a rental suite can seem like a daunting project. If you are considering taking that step, but are unsure of where to start, here are a few helpful things to consider.
1. Determine Budget & Desired Layout
The first thing to consider when thinking about creating a basement suite is your budget and what you want your suite to have. Setting and keeping to a budget is important as it will help you establish how long it will take to start earning a return on your investment. Once you have a budget, think through what you want your layout to be. Do you want it to be a studio, one bedroom or two bedroom? A studio will be easier and cheaper to build, but you’ll be able to charge higher rent if the unit has one or two bedrooms. Are you wanting an open concept kitchen and living area or wanting to separate the two? Often with the size of a suite, an open concept design flows better, but you will still want to make sure there is some level of separation between the two areas.
2. Use a Contractor
While going at it yourself may seem like a way to cut overall cost, using a contractor will make the whole process much easier and take a huge weight off your shoulders. They will take into consideration the legal and safety precautions and also know what permits will be needed throughout the build. They will also oversee each step of the process and make sure that everything goes smoothly, stays on budget and that you are happy with the finished project. At Toledo Renovations, we pride ourselves in offering quality work each and every step of the way. If you are interested in getting a quote for your basement suite, please visit our “Contact us” page.
3. What Amenities to Install
You want your basement suite to be completely livable, plus the more amenities it has, the more attractive it will become to potential tenants. Beyond just the basic essentials such as a kitchen, bathroom and living room, a laundry room (even if its a simple stacked unit in a closet space) will give you a leg up on other rental units that don’t offer laundry. In the kitchen beyond a fridge and stove-top, a built in microwave and/or dishwasher is a nice bonus. In the bathroom offering a tub/shower combo gives
4. Light, Light, Light
With so many basement suites feeling dark and gloomy offering a light welcoming suite will put you ahead of the competition. Whether it be an extra window, strategically placed interior lighting or paint colors there are many ways to make sure your suite offers tenets a bright space they want to call home
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